A B S T R A C T
The SEC promulgated the Securities Offering Reform (SOR) in 2005 to ease disclosure
restrictions prior to seasoned equity offerings (SEOs). The SEC argued that SOR would
improve the information environment, but critics claimed it would allow firms to hype
their stock. This paper is the first to examine the information environment at the time of
capital formation under SOR. We find more frequent and accurate management earnings
forecasts, more 8-K filings, greater absolute market-adjusted returns, and more positive
stock returns leading up to the SEO issue date indicating a richer pre-SEO information
environment with capital formation benefits after SOR.
.2014 Elsevier B.V. All rights reserved
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